Harmonized code or HS Code a good inevitable aspect within the import export trade. It is a unique numerical code used on various products and commodities required while shipping from nation to another. It is used to describe particular goods regarding Import Export Code Online Registration India export trading platform.
The ITC HS Code List or India harmonized code list is regulated and maintained through Director General of Foreign Trade or DGFT India. The international coding system has been adopted in India for export import function. It is an eight digit code which includes been developed at par with the international coding system to suit vehicle of the international trading community of the country. The code is basically, a good ID assigned using a particular trading product, which is through more than 200 countries across entire world.
DGFT India in the governing authority that covers the changes or formulation or addition of new codes the actual existing harmonized code list. The authority carries out periodical pursuits like commodity description, weeding out of defunct codes, addition of the latest codes, change of description of product etc. It maintains the harmonized code list, which is a number of such codes classified under 21 business units. The 21 sections include Animals & Animal Products; Vegetable Products; Animal or Vegetable Fats; Prepared Foodstuffs; Mineral Products; Chemical Products; Plastics & Rubber; Hides & Skins; Wood & Wood Products; Wood Pulp Products; Textiles & Textile Articles; Footwear, Headgear; Articles Of Stone, Plaster, Cement, Asbestos; Pearls, Precious Or Semi-Precious Stones, Metals; Base Metals & Articles Thereof; Machinery & Mechanical Appliances; Transportation Equipment; Instruments – Measuring, Musical; Arms & Ammunition; Miscellaneous; and Works Of Art. All of these 21 sections is further broken into 98 chapters. The chapters are further divided into sub-headings to which particular HS Codes many products are mentioned.
Every trader dealing in international market has to note the particular code involving his product in all of the forms along with important paperwork that end up being filled up at period of export import. All the attached activities like customs duty or excise duty or drawback rates or perhaps the exemption of commodities, are finished in reference to the code mentioned ultimately papers. Hence one can say that these codes are mandatory while dealing in foreign trade. If the HS tariff list was not available, always be have been very troublesome for the traders to search for a particular segment of products. The list presents the whole of the product coding with amount of categories, simplifying the duty of importers and exporters. You can easily access this code list over the internet with the internet data the likes of Infodrive Indian. Besides providing a comprehensive HS tariff list, organization has also provided an inside search box for searching the codes of particular goods because of entering the product’s companies.